The height limits of buildings along Oxford Street vary, but are mostly two to three storeys, with some reaching five, 12 and 15 storeys on the west side of the precinct.
Developers will be eligible for building elevation if they include uses that are compatible with the street’s “near center” function. This includes entertainment venues, health services, educational institutions, hotel rooms, light industry and community centers.
Council will consult on changes to the maximum heights of buildings facing Taylor Square.
Ben Mulcahy, Oxford Street business owner and local, said the stretch was dominated by ‘$2 shops and kebabs’ and new shops and venues would provide ‘more reason to walk the street “.
Mr Mulcahy said height restrictions had deterred developers in the past. He predicted the changes would lead to “mergers”, where multiple owners would merge neighboring properties to make the investment profitable and create bigger rooftop bars and underground music venues.
“The council doesn’t want flats – restaurants, bars, clubs will be the priority. It will bring the investment that Oxford Street needs. It will return to its peak.
Liberal Councilor Craig Chung expected the proposed changes to unlock “in the order of hundreds of millions of dollars” of investment from developers eyeing prime high street real estate.
“I think a lot of businesses and residents are hesitant at the moment about what this will mean.
“But I think everyone has been looking forward to the revitalization of Oxford Street, it’s been a long time.”
The council consulted the public last year on ways to resuscitate the retail, commercial and entertainment strip, which is characterized by empty shops, dilapidated facades and poor foot traffic.
The review of planning laws that apply to the street has prompted developers and landlords to pour hundreds of millions of dollars into plans to install clusters of boutique hotels, gentrified pubs and creative spaces, in anticipation of the proposed cultural and entertainment district.
Cr Moore said it was ‘one of our biggest and best known streets’ but acknowledged it faced ‘significant issues in the recent past’ including the laws of lockdown, the state government clear lane and the Westfield shopping centers in Bondi Junction and the centre. business district.
She said the changes would build on Oxford Street’s famous reputation as the heart of Sydney’s LGBTQI community as the city prepares to host the WorldPride LGBTQI festival in 2023.
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